Oppenheimer Begins Coverage on Cadence Design Systems (NASDAQ:CDNS)

Oppenheimer began coverage on shares of Cadence Design Systems (NASDAQ:CDNS) in a report published on Wednesday, MarketBeat Ratings reports. The brokerage issued an underperform rating and a $225.00 price target on the software maker’s stock.

CDNS has been the topic of a number of other research reports. Robert W. Baird cut their price target on Cadence Design Systems from $341.00 to $338.00 and set an outperform rating on the stock in a report on Tuesday, July 23rd. Bank of America lifted their price target on Cadence Design Systems from $330.00 to $350.00 and gave the company a buy rating in a research report on Thursday, May 30th. Rosenblatt Securities restated a neutral rating and issued a $280.00 price objective on shares of Cadence Design Systems in a report on Tuesday, August 6th. Needham & Company LLC reissued a buy rating and issued a $320.00 price target on shares of Cadence Design Systems in a report on Tuesday, July 23rd. Finally, Piper Sandler raised shares of Cadence Design Systems from a neutral rating to an overweight rating and set a $318.00 price objective on the stock in a research note on Tuesday, August 6th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $323.60.

Cadence Design Systems Stock Down 0.0 %

Shares of Cadence Design Systems stock opened at $274.13 on Wednesday. The company has a market cap of $74.68 billion, a P/E ratio of 71.41, a PEG ratio of 3.30 and a beta of 1.02. The firm has a fifty day moving average of $267.55 and a two-hundred day moving average of $289.41. Cadence Design Systems has a one year low of $227.77 and a one year high of $328.99. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.32 and a current ratio of 1.43.

Cadence Design Systems (NASDAQ:CDNS) last released its quarterly earnings data on Monday, July 22nd. The software maker reported $1.28 EPS for the quarter, topping analysts’ consensus estimates of $1.22 by $0.06. Cadence Design Systems had a return on equity of 29.54% and a net margin of 25.36%. The business had revenue of $1.06 billion during the quarter, compared to the consensus estimate of $1.04 billion. During the same period in the prior year, the firm posted $0.94 EPS. The business’s revenue for the quarter was up 8.6% on a year-over-year basis. On average, analysts forecast that Cadence Design Systems will post 4.73 earnings per share for the current year.

Insider Activity at Cadence Design Systems

In other Cadence Design Systems news, SVP Karna Nisewaner sold 659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the transaction, the senior vice president now directly owns 16,029 shares of the company’s stock, valued at $4,423,683.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Cadence Design Systems news, VP Chin-Chi Teng sold 10,000 shares of Cadence Design Systems stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $305.84, for a total value of $3,058,400.00. Following the sale, the vice president now owns 95,408 shares of the company’s stock, valued at approximately $29,179,582.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Karna Nisewaner sold 659 shares of Cadence Design Systems stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $275.98, for a total value of $181,870.82. Following the completion of the sale, the senior vice president now directly owns 16,029 shares in the company, valued at approximately $4,423,683.42. The disclosure for this sale can be found here. Insiders have sold a total of 38,272 shares of company stock worth $10,833,362 over the last 90 days. Insiders own 1.99% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. RiverPark Advisors LLC bought a new stake in shares of Cadence Design Systems in the 1st quarter valued at about $26,000. ORG Partners LLC lifted its position in shares of Cadence Design Systems by 911.1% in the second quarter. ORG Partners LLC now owns 91 shares of the software maker’s stock valued at $28,000 after buying an additional 82 shares during the last quarter. Annapolis Financial Services LLC bought a new position in Cadence Design Systems during the first quarter worth $32,000. Hollencrest Capital Management increased its holdings in shares of Cadence Design Systems by 637.5% in the first quarter. Hollencrest Capital Management now owns 118 shares of the software maker’s stock valued at $37,000 after purchasing an additional 102 shares during the last quarter. Finally, Rise Advisors LLC bought a new position in shares of Cadence Design Systems in the first quarter valued at about $45,000. 84.85% of the stock is currently owned by institutional investors.

About Cadence Design Systems

Cadence Design Systems, Inc provides software, hardware, services, and reusable integrated circuit (IC) design blocks worldwide. The company offers functional verification services, including emulation and prototyping hardware. Its functional verification offering consists of JasperGold, a formal verification platform; Xcelium, a parallel logic simulation platform; Palladium, an enterprise emulation platform; and Protium, a prototyping platform for chip verification.